US Sanctions Continue To Gum Up $1.2B Award Enforcement

By Caroline Simson (November 8, 2021, 10:08 PM EST) -- It became clear during a lengthy Monday hearing that the proposed sale process for shares in Citgo's parent company to enforce a $1.2 billion arbitral award against Venezuela remains mired in divisive issues, not the least of which are U.S. sanctions against the debt-ridden country.

Counsel for Crystallex, Citgo, Venezuela and other interested parties faced off before U.S. District Judge Leonard P. Stark in Delaware to hash out a list of 35 objections to a proposed sales order put forward by the court-appointed special master, Robert Pincus.

Though a few issues were resolved by the parties during the hearing, one of...

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